Salmon Evolution (Buy, TP: NOK11.30) - Progressing according to plan
Salmon Evolution reported a Q4 EBITDA loss of NOK11.6m, versus our expectation of a NOK18m loss, but in line with consensus. The company remains on track to deliver phase-1 on budget and on time, with the first fish guided to be released in March 2022 and the first harvest towards year-end. We have trimmed our 2022e EPS to reflect increased phase-2 capex and higher ramp-up costs, and reiterate our BUY, while we have tweaked our target price to NOK11.3 (11.4).
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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